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Oceanic Villas Manilva – From €999,000

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Introducing the latest development in Duquesa, Manilva. 25 brand new luxury villas being built and ALL have unobstructed panoramic sea views.
Website: www.OceanicVillasManilva.com

Company Website: www.TheSpanishCollection.com
New Apartments: www.NewSpanishApartments.com
New Villas: www.NewSpanishVillas.com
Bespoke Villas: www.BuildMeAVilla.com

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Riverside – Apartments In Benahavis From 245,000€

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Website: www.Riverside.TheNewSpanishApartments.com

Company Website: www.TheSpanishCollection.com
New Apartments: www.NewSpanishApartments.com
New Villas: www.NewSpanishVillas.com
Bespoke Villas: www.BuildMeAVilla.com

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3 Bedroom Penthouses In La Cala, Malaga, Spain From €582.000

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Last few apartments in this key-ready development in La Cala Golf.
Contact us now for more information: Fairways@TheSpanishCollection.com

Company Website: www.TheSpanishCollection.com
New Apartments: www.NewSpanishApartments.com
New Villas: www.NewSpanishVillas.com
Bespoke Villas: www.BuildMeAVilla.com

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By Nok Promoter Of La Boladilla Village Resort In Estepona Leaves Investors In The Dark And Fearful For Their Money

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Author: Mark Stücklin Posted on January 15, 2022 La Boladilla Village Resort marketing material You rarely hear about buyers losing their off-plan payments these days in Spain, but things aren’t looking good for investors who handed over deposits and stage payments to the Costa del Sol promoter By Nok for villas in the La Boladilla Village Resort. An off-plan investor contacted me not long ago in distress about more than 50,000€ he has handed over to Marbella-based promoter By Nok for a project called La Boladilla Village Resort in Estepona (marketing picture above). He paid 25% of the purchase price in 2018, but the project has since ground to a halt, By Nok no longer answers the phone or responds to emails, and its website is down. He is worried he will never see his money again. “I invested in 2018 when they took 25% of the expected cost and then the project stopped,” he told me. “They have been stringing us along for over three years with various excuses and now it appears that all websites and phones are uncontactable. I hear rumours they have been taken over by another company, but investors have not been told anything. The lawyer appointed at the beginning to do the transaction has done nothing. Is there a way of recovering the money, which is in excess of 50,000 Euros?” By Nok’s Boladilla Village Resort still being marketed online I had never heard of By Nok or the Boladilla Village Resort before this, so I went looking online to find out more. I was surprised to find very little information about the developer, and plenty of websites still marketing the Boladilla project as if nothing was wrong. If there are lots of fearful investors out there worried about losing their stage payments, it would seem they are not making much noise online, at least from what I can tell. The By Nok Youtube channel still exists, though nothing has been posted in December 2019. By Nok planning problems and legal trouble in 2020 I did find one article at the Spanish news site El Confidencial about problems at By Nok and La Boladilla in Estepona. The article, from 2020, reports that, with more 800 high-end projects under its belt, and a focus on the luxury foreign investor market, By Nok – the “spoilt child” of the industry – was in planning disputes with Estepona town council, and the Spanish Ministry of Development (Fomento).  Picture credit El Confidencial It seems that even back in 2020 By Nok was facing legal action from investors who had been seduced by the company’s promise of below market purchase prices and high returns. By Nok CEO Ana Belén Garrigós Zambudio told El Confidencial that investors were benefiting from “price-shattering” investments and “important savings” on development because of the firm’s unique business model.  The article suggests that By Nok’s business model might have been smoke and mirrors, with the company marketing developments based on little more than an option to buy land, in which case investors stand to lose everything if their deposit and off-plan payments are not guaranteed. It seems that By Nok used a crafty investment structure to avoid taking on the responsibility of a developer, and leave all the risk and responsibility with investors.  I can’t find any information online about the current status of By Nok or the La Boladilla Village resort. The project is still being marketed online, so maybe it has been taken over by another company. All I know is that By Nok has stopped responding, its website no longer works, and at least one investor has contacted me recently worried about losing his money. I’m aware that I might be late to this story, and others much better informed, but it’s strange there is so little news about this online. It just goes to show that, when looking for property for sale in Spain, always have to be sceptical of companies offering below market prices and high returns. That always means more risk.

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